Vietnamese coffee prices hit record high

The prices of Vietnamese coffee in the global market have reached a new record this week, local newspaper VnExpress reported on Thursday.

The prices of robusta coffee have risen to a record 68,000 Vietnamese dong (about 2.79 U.S. dollars) per kilogram, up 76 percent since the beginning of this year. These are the highest Vietnamese coffee prices in 30 years, local media reported.

One of the reasons for the rising prices is that the harvest season has yet to arrive while stocks from the previous season have mostly been sold, VnExpress cited Vu Duc Con, deputy director of Dak Lak Province's Department of Agriculture and Rural Development.

He predicted that in the next two months, prices will be more reasonable when the coffee crops ripen.

According to the General Department of Customs, Vietnam exported 8,000 tons of coffee in the first eight months of this year, earning 85 million dollars.

If the country hits the target set by the Ministry of Agriculture and Rural Development of exporting 1.72 million tons of coffee in the whole year, there will be a new record turnover for the Vietnamese coffee industry in decades.

Vietnam is ranked by the International Coffee Organization as the second-largest coffee exporter in the world behind Brazil.